Photo: Sheila Fitzgerald / Shutterstock.com
SHANGHAI, Jan 4 (Reuters) – China Ocean Shipping Group Co (COSCO) and China Shipping Group Co will become a new entity after merging, led by the latter’s current chairman, China’s state-owned assets regulator said on Monday.
The former rivals said in December they would merge through a series of asset swaps, creating units focused on distinct business areas such as container shipping and vessel leasing.
Together, COSCO and China Shipping control 488 billion yuan ($74.7 billion) worth of assets, Barclays analysts estimated.
After the merger, the resulting, newly established company will be chaired by Xu Lirong, the State-Owned Asset Supervision and Administration Commission said on its official microblog.
The merger comes as the government moves to consolidate state-owned industries.
($1 = 6.5340 yuan) (Reporting by John Ruwitch and Brenda Goh; Editing by Christopher Cushing)
Copyright(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,837 members that receive our newsletter.
Have a news tip? Let us know.
US President Donald Trump has raised the stakes for a meeting of an OPEC+ ministerial panel next month, with his call for the group to lower oil prices.
Vessels in the northern Gulf have received multiple VHF radio challenges, including demands to alter course, the United Kingdom Maritime Trade Operations said on Friday, adding they could be part of an Iranian military exercise.
LONDON, Jan 24 (Reuters) – The Russian Embassy in London said that Russia posed no threat to undersea cables in Britain and other NATO countries, after UK defence minister John Healey accused Moscow of “malign...
Maritime and offshore news trusted by our 108,837 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
